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MARC MICHELS: what changed

Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.

What changed

MARC MICHELS

BE 0447.831.281
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,759
2024 · -€169-€1,590
Equity
€2.0m
2024 · €2.0m-€1,759
Cash
€493,911
2024 · €102,513+€391,398
Balance sheet total
€2.0m
2024 · €2.0m-€12,255

Largest movements

2024 to 2025
Assets
  • Cash +€391,398

    up €391,398 (+382%), from €102,513 to €493,911

    mainly Current investments (+€150,000) and Stocks and contracts (+€134,328)

  • Current investments -€150,000

    down €150,000 (-100%), from €150,000 to €0

  • Stocks and contracts -€134,328

    down €134,328 (-23.3%), from €575,405 to €441,077

  • Receivables within one year -€72,088

    down €72,088 (-92.0%), from €78,385 to €6,297

    of which Trade receivables: -€68,707

  • Tangible fixed assets -€40,631

    down €40,631 (-3.8%), from €1.1m to €1.0m

    of which Land and buildings: -€26,488

Equity and liabilities

No liability line moved by more than 1% of the balance sheet total.

    Income statement
    • Staff costs -€17,237

      down €17,237, from €16,467 to -€770

    • Taxes +€9,319

      up €9,319, from -€4,312 to €5,007

    • Gross operating margin -€4,840

      down €4,840 (-8.3%), from €58,507 to €53,667

    • Financial income -€3,851

      down €3,851 (-73.6%), from €5,234 to €1,383

    • Financial charges -€1,532

      down €1,532 (-69.6%), from €2,202 to €670

    From the 2024 result to the 2025 result

    effect on the result

    Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.

    Result 2024 -€169
    Gross operating margin -€4,840
    Staff costs +€17,237
    Depreciation +€516
    Other operating charges -€40
    Other operating items -€2,826
    Financial income -€3,851
    Financial charges +€1,532
    Taxes -€9,319
    Result 2025 -€1,759
    raises the resultlowers the resultnot broken down further in the accounts

    Derived cash bridge

    cash 2024 to 2025

    Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.

    From operations +€244,438
    Investment +€152,826
    Financing -€5,866
    Cash 2024 €102,513
    Net result for the year -€1,759
    Depreciation +€40,631
    Stocks and contracts +€134,328
    Receivables within one year +€72,088
    Deferred charges and accrued income +€3,780
    Trade debts -€1,182
    Tax, wage and social debts -€3,866
    Smaller working-capital items +€417
    Investment in fixed assets (net) +€2,826
    Current investments +€150,000
    Current portion of long-term debt -€5,866
    Cash 2025 €493,911
    brings cash intakes cash out
    Every line side by side 50 lines
    Line Code 2024 2025 Change %
    Total assets 20/58 €1,995,884 €1,983,629 -€12,255 -0.6%
    Fixed assets 21/28 €1,082,881 €1,039,425 -€43,457 -4.0%
    Tangible fixed assets 22/27 €1,080,055 €1,039,425 -€40,631 -3.8%
    Land and buildings 22 €850,667 €824,179 -€26,488 -3.1%
    Plant, machinery and equipment 23 €4,337 €1,518 -€2,820 -65.0%
    Furniture and vehicles 24 €9,245 €4,545 -€4,700 -50.8%
    Other tangible fixed assets 26 €215,805 €209,182 -€6,623 -3.1%
    Financial fixed assets 28 €2,826 €0 -€2,826 -100%
    Current assets 29/58 €913,003 €944,205 +€31,202 +3.4%
    Stocks and contracts in progress 3 €575,405 €441,077 -€134,328 -23.3%
    Stocks 30/36 €575,405 €441,077 -€134,328 -23.3%
    Amounts receivable within one year 40/41 €78,385 €6,297 -€72,088 -92.0%
    Trade receivables 40 €68,707 €0 -€68,707 -100%
    Other amounts receivable 41 €9,678 €6,297 -€3,381 -34.9%
    Current investments 50/53 €150,000 €0 -€150,000 -100%
    Cash at bank and in hand 54/58 €102,513 €493,911 +€391,398 +382%
    Deferred charges and accrued income 490/1 €6,700 €2,920 -€3,780 -56.4%
    Total equity and liabilities 10/49 €1,995,884 €1,983,629 -€12,255 -0.6%
    Equity 10/15 €1,972,560 €1,970,801 -€1,759 -0.1%
    Contributions 10/11 €18,592 €18,592 = 0.0%
    Reserves 13 €1,953,968 €1,952,209 -€1,759 -0.1%
    Tax-exempt reserves 132 €18,750 €18,750 = 0.0%
    Distributable reserves 133 €1,935,218 €1,933,459 -€1,759 -0.1%
    Profit (loss) carried forward 14 €0 €0 =
    Amounts payable 17/49 €23,325 €12,828 -€10,496 -45.0%
    Amounts payable after more than one year 17 €0 - =
    Financial debts 170/4 €0 - =
    Amounts payable within one year 42/48 €21,592 €10,928 -€10,663 -49.4%
    Current portion of amounts payable after more than one year 42 €5,866 €0 -€5,866 -100%
    Trade debts 44 €3,073 €1,891 -€1,182 -38.5%
    Suppliers 440/4 €3,073 €1,891 -€1,182 -38.5%
    Taxes, remuneration and social security 45 €4,919 €1,053 -€3,866 -78.6%
    Taxes 450/3 €4,872 €1,053 -€3,819 -78.4%
    Remuneration and social security 454/9 €47 €0 -€47 -100%
    Other amounts payable 47/48 €7,735 €7,985 +€250 +3.2%
    Accrued charges and deferred income 492/3 €1,733 €1,900 +€167 +9.6%
    Remuneration, social security and pensions 62 €16,467 -€770 -€17,237
    Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €41,147 €40,631 -€516 -1.3%
    Other operating charges 640/8 €8,405 €8,445 +€40 +0.5%
    Non-recurring operating charges 66A - €2,826 +€2,826
    Gross operating margin 9900 €58,507 €53,667 -€4,840 -8.3%
    Operating profit (loss) 9901 -€7,512 €2,535 +€10,048
    Financial income 75/76B €5,234 €1,383 -€3,851 -73.6%
    Recurring financial income 75 €5,234 €1,383 -€3,851 -73.6%
    Financial charges 65/66B €2,202 €670 -€1,532 -69.6%
    Recurring financial charges 65 €2,202 €670 -€1,532 -69.6%
    Profit (loss) for the period before taxes 9903 -€4,481 €3,249 +€7,729
    Income taxes 67/77 -€4,312 €5,007 +€9,319
    Profit (loss) for the period 9904 -€169 -€1,759 -€1,590 -941%
    Profit (loss) for the period to be appropriated 9905 -€169 -€1,759 -€1,590 -941%

    Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.